In order to implement Guideline of the European Central Bank of 24 February 2022 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) and repealing Guideline ECB/2012/27 (ECB/2022/8) the Central Bank of Malta (CBM) has repealed its Directive No.6 on Harmonised Conditions for Opening and Operating Payments Module Accounts, T2S Dedicated Cash Accounts in Target2-Malta, and TIPS Dedicated Cash Accounts on TARGET2-Malta and its Directive No. 7 on the Provision of Intraday Credit and Auto-Collateralisation in their entirety.
In view of the aforementioned ECB Guidelines, the CBM has published a new Directive No. 6 on New Generation Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET) which applies to participants in TARGET-Malta and has been in effect since 20th March 2023.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.